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Preheat oven to 325 degrees F. Grease and flour a 12-cup bundt or pan.
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Whisk together flour, baking powder, salt, and baking soda in a medium bowl.
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Cream peanut butter and butter in a large bowl. Add sugar and beat until light and fluffy.
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Add honey and beat to combine.
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Add eggs, one at a time, beating well after each addition. Stir in vanilla.
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Add flour mixture and beat until just combined (do not over-mix). Stir in peanuts.
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Pour and spread batter evenly in prepared pan.
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Bake for 1 hour, 20 minutes, or until a toothpick or cake tester inserted in the center comes out clean.
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Check cake at 1 hour. If browning too quickly on top, loosely cover cake with aluminum foil (place foil on top and do not seal edges).
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Cool cake in the pan for 12 minutes. Remove cake from the pan and cool completely on a wire rack.